My mortgage is $100,000 more than it is worth - according to my property tax notice, and looking at comps for similar homes.

Asked by Rosemarie Litchfield, Brandon, FL Fri Sep 6, 2013

trulia did a search on my home and came back with a price that is $40,000 higher than where the estimate should be They valued my home at $190,000. My mortgage is $250,000, but the market price is approximately $150,000. How can I make the trulia value of my house lower, to match comps and relevant county values. At this point I don't think I can sell my house for $190,000 when the market value is approximately $150,000.

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Alma Kee’s answer
Alma Kee, Agent, Tampa, FL
Sat Sep 7, 2013
Dear Rosemarie,

Let me know if you want to attempt a Short Sale. I have an attorney that can help you through the process at no cost to you (or a buyer, the attorney gets paid by Bank of America at closing). I may even have a buyer for your house, too.

If you are ready to sell please let me know and we can get it listed when you're ready.

Certain liens will have to be satisfied but hopefully we can get the lienholders (IRS) to allow the short sale.

You also may want to discuss the tax consequences of a short sale with a CPA or Tax Attorney because I noticed you had rented out the property. Loss forgiveness on a rental (income) property may not be eligible for the exemption. It may even been in your best interest to move back into the house to qualify for a HAFA short sale and receive $3,000 at closing on the Short Sale.

Call or email and I can help you.

All the best,
Alma Rose Kee, PA
Future Home Realty
1 vote
Thank you very much for the professional advice. It appears to me that I need to do some homework and get a professional appraisal before I do anything else.
Flag Sat Sep 7, 2013
Alan Lane, Agent, Brandon, FL
Sat Sep 7, 2013
Hi Rosemarie,

I know that it can be confusing with the different values that given to properties by the property appraiser and websites like Trulia. Keep in mind that these values are produced by mass appraisal techniques that just can’t replace a value determined by CMA prepared by a Realtor or an appraisal prepared by an appraiser. For example, the property appraiser determines a value on January 1st of each year with real estate taxes dues in March of the next year. A lot of things could happen during that time frame. When I prepared a CMA for a listing, I consider recent solds, pending contracts, and listings (ideally in the same neighborhood) to determine a listing price. The days on the market coupled with list prices can also give you a good ideal of were the market is heading.

Alan D. Lane
Sales Associate

Keller Williams Realty
2119 W. Brandon Blvd, Suite A
Brandon, FL 33511
Cell: 813.205.9280
2 votes
Thank you very much for your reply. You are right, I do need to get a professional appraisal so that I know just where I stand. I had never heard of a CMA, this looks like a good thing to get before I do anything else!
Flag Sat Sep 7, 2013
Tony Baroni, Agent, Brandon, FL
Sat Sep 7, 2013
The best thing for you to do is to reach out to a Realtor to do an updated market analysis. The local market in Brandon in certain pockets are up 20% with average sales price since January 2013. This is a free and no obligation to move forward so this would be my recommendation for you. I hope this helps and any other real estate questions please let me know. Tony Baroni with Keller Williams Realty 813-909-3444
1 vote
Thank you very much for the professional advice. It appears to me that I need to do some homework and get a professional appraisal before I do anything else.
Flag Sat Sep 7, 2013
Iris Green R…, Agent, Brandon, FL
Fri Sep 6, 2013
Hi Rosemarie,

You should speak with a Realtor to determine what the actual value range of your home is. We have direct access to the MLS and are in a position to review sold comparables, pending sales and active listings. While Trulia does provide excellent tools, they are unable to provide an in-depth understanding of our current market for this specific location. A Comparative Market Analysis provided by a Realtor will not cost you anything but a few minutes of your time. Who knows - you may be pleasantly surprised.


Iris Green
Keller Williams Realty
1 vote
You are very welcome! If you would like, give me a call and I will be happy to assist!
Flag Sat Sep 7, 2013
Thank you for your advice! I had intended to do just what you recommended.
Flag Fri Sep 6, 2013
Margaret Has…, Agent, Tampa, FL
Thu Oct 10, 2013
Property tax assessments are based on many factors - whether or not the property is homesteaded, number of years homesteaded, etc - none of which reflects what a property is "worth". A property is worth what a buyer is willing to pay for it at any given time. For an accurate estimate of "worth" today, you can ask a Realtor or an appraiser to give you today's value.

Margaret Hassani
Broker, Lightning Realty
Innovation and Experience
(813) 766-1501
Fax (813) 443-0118
0 votes
Charlene Wes…, Agent, Valrico, FL
Thu Oct 3, 2013
Hi Rosemarie.

Property Tax Notices are RARELY, if ever, accurate indicators of real home value. It is a measure the property appraiser uses for tax value purposes. As you have read several times on here, please contact a local professional to assist you. BE CAREFUL...many agents solicit listings and short sales in areas they are not familiar with and it can become more of a problem. Be sure to select an agent that is experienced and qualified with homes in the Brandon Area. Brandon has tremendous differences from zip code to zip code, community to community and as another agent pointed out, pockets within them (like South Brandon/John Moore).

Once you find a few agents (I recommend you call at least 2 and recommend a CMA), you may want to ask them for a couple references as well. This will give you the confidence you need to know that the agent you select is working WITH you to ensure a successful transaction.

I wish you the best of luck, please always feel free to ask me any questions you may have, I am happy to help, no strings attached.

Charlene Weston
0 votes
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